USG Budget Cycle
June – September 2014 • Development of FY16 Budget Request
September 2014
• Board Approves FY16 Budget Request
September 2014
• USG Submits FY16 Budget Request to Governor
January 2015
• Governor’s Releases Budget Recommendations
March – April 2015
•General Assembly Finalizes FY 16 Appropriations Act
April 2015
• Board Approves Allocations, Tuition and Fees
April – May 2015
• Institutions Develop and Submit FY16 Budget
May 2015
• Board Approves FY16 Budget (By Institution)
June 2015
• FY16 Annual Operating Budget Submitted to OPB
2
FY 2015 Current Budget - $7.79B
State Appropriations
$1,939,087,764
25%
1,765,103,181
Special Institutional Fee
23%
206,960,404
Other Revenues
3%
378,575,411
5%
2,012,028,381
Departmental Sales and Services
26%
260,037,132
Total Educational and General
3%
6,561,792,273
Capital
84%
139,221,744
Auxiliary Enterprises
2%
938,866,341
Student Activities
12%
128,334,305
2%
$7,768,214,663
100%
Tuition
Sponsored
Total FY 2015 Original Budget
FY 2015 Budget GTECH: $1.204 Billion (15.5%)
Fall 2013 GTECH Enrollment: 21,471 of 309,469 (7%)
FY 2016 Budget Cycle
June – September 2014
• Budget Instructions Released (July)
• Development of FY16 Budget Request
September 2014
• Board Approves FY16 Budget
September 2014
FY 2015
FY 2016
(Development)
• USG Submits FY16 Budget Request
for State Funds to Governor
Requirements:
1. New or changes in
square footage
2. Employee information by
plan to project needed
funding for health
insurance increases
3. Estimated number of
Retirees for the
upcoming year
• Usually due end of June,
beginning of July
4
FY 2016 Budget Cycle
October to December 2014
• Budget Development Phase II
Requirements:
FY 2015
FY 2016
(Development)
1. Enrollment projections
• Undergraduate and
graduate
2. Revenue projections for
all other fund sources
(tuition, fees, DSS
sponsored, etc.)
3. Mandatory Fee
Requests
• Usually due early to mid
December
5
FY 2016 Budget Cycle
Governor meets with Chancellor
and other select agencies heads
to discuss request. (Nov – Dec)
January 2015
•
Governor Releases Budget Recommendations
January to March 2015
•
General Assembly Finalizes FY16
Appropriations Act
Requirements:
FY 2015
FY 2016
(Development)
1. Professional & Graduate
Tuition Request
• Due mid-January
• New information
required (i.e. enrollments,
placements, etc.)
2. Institutional Budget
Hearing Narratives for
Research Universities
• Due mid January
• Hearings – Nov – Feb.
3. Five-year Business Plans
(Auxiliary Enterprises and
Student Activity Fees
6
FY 2016 Budget Cycle
April 2015
• Board Approves Allocations, Tuition
and Fees
April – May 2015
• Institutions Develop and Submit
FY16 Budget
May 2015
FY 2015
FY 2016
• Board Approves FY16 Budget (By
Institution)
June 2015
• FY16 Annual Operating Budget
Submitted to OPB
Requirements:
1. Input from Presidents
regarding Tuition during
budget hearings
2. Institutions submit budgets for
upcoming year based on Board
approved actions in April
regarding allocation of state
funds and tuition and fee
increases
7
FY 2016 Budget Cycle
Start all over again!!!
• FY17 Budget Development
FY 2015
FY 2016
FY 2017
(Development)
8
Quarterly Reporting
September 2014
•1st Quarter Budget Amendment
September 2014
•Annual Quarterly Projections
October 2014
•1st quarter Financial Reporting (BTA, Key BS Items)
December 2014
•2nd Quarter Budget Amendment
January 2015
•2nd Quarter Financial Reporting
March 2015
•3rd Quarter Budget Amendment
April 2015
•3rd Quarter Financial Reporting
June 2015
•4th Quarter Budget Amendment
Sign off of President and CBO required for Quarterly Financial Reports
9
Other Resources
• Budget Issues Committee
•
Steve Head, Georgia Institute of Technology
• Budget Workshop
•
June 2014
• Georgia Summit
•
•
September 2014
Increased financial focus
10